I've always liked finding hidden meanings in songs and books and I'm pretty sure this song is pretty straightforward. I will share a few points that I thought were interesting for example when they speak of the elephant not forgetting what it's like inside his cage. I'm pretty sure he's speaking about being here on the earth awake and feeling bound. Not being able to fly, as well as not being free, as a person, as a being. This also comes out when he's talking about the ringmaster singing on an empty stage. Feeling like he's completely alone singing to thousands and no one really gets what he's trying to express or who he really is. Another meaning for the elephant could be, to me anyway, your personal incarnation as God here in this world sort of the battle between knowing you're God and not having the complete power to express all of your full potential. The best songs as well as literature mean different things to many people so humbly I post here my own interpretation this song because I thought it was cool.